Depends on what you're looking for. Initially, I like to be farther away and at an oblique angle so I can see "everything". This gives you more of a big picture sort of take on the lift, and that allows you to decide what you want to focus on during the next lift.

So if you see that the lifter is being pulled forward, for example, you may move more to his/her side to watch balance, bar path, posture, etc.

But otherwise, yes, you have to watch in order of execution. Start position (including arm internal rotation), how the bar breaks, posture/speed up to second pull, balance in second pull, how extension is done (e.g. hips moving into bar too much, not extending adequately), third pull mechanics, receiving foot position and oh position, etc.

You can't genuinely pay attention to all of those things on a single lift - you can focus on maybe 1-3 things and the rest will be a vague sense about what's happening. But again, get the whole picture first and then choose something to focus on and you'll be able to get more done.